Partnership in virtual currency custody
The Swiss arm of Banco Bilbao Vizcaya Argentaria (BBVA), a major European financial institution, announced on the 7th that it will partner with Metaco, a subsidiary of Ripple Inc., in the custody business of crypto assets (virtual currencies).
Metaco is a company founded in Switzerland in 2015. Its main product is “Harmonize,” a digital asset platform that can perform everything from virtual currency storage and trading to tokenization, staking, and smart contract management. Ripple acquired Metaco in May for approximately 34.4 billion yen.
connection: Ripple acquires virtual currency custody company Metaco
Through this partnership, BBVA will now provide custody services using Metaco’s Harmonize. BBVA has long provided Bitcoin (BTC) and Ethereum (ETH) trading and storage services in Switzerland.
Keeping in mind the tokenization of real assets
BBVA said the Harmonize environment also enables faster transaction verification and ensures that cryptocurrencies are stored in accordance with the highest security standards required by regulators.
In the coming months, BBVA’s cryptocurrencies will be moved to cold wallets that are isolated from the internet, completely preventing access by third parties and further increasing security.
He continued that in the future, BBVA will be able to trade in other cryptocurrencies in addition to Bitcoin and Ethereum, which it currently handles. Additionally, the company says it will be able to offer “tokenization” services for traditional assets.
Real-world asset (RWA) tokenization is an area that is currently gaining attention, with investment arms of US financial giant JP Morgan and British financial giant Standard Chartered Bank also getting involved.
connection: JP Morgan uses Avalanche in RWA proof of concept AVAX +22% compared to previous day
connection: UK SCB Bank’s investment arm launches RWA tokenization platform “Libeara”
What is RWA?
Abbreviation for “Real World Asset.” RWA that is tokenized on the blockchain includes real assets such as real estate, artwork, trading cards, and securities such as stocks and bonds.
▶️Virtual currency glossary
connection:Why investors are interested in real asset tokenization and what is Real World Assets (RWA)?
Partnered with IBM and HSBC
Metaco has previously entered into partnerships with various companies. In a recent example, we are collaborating with US IT giant IBM on IBM’s Hyper Protect Offline Signing Orchestrator (OSO), a solution that supports IBM’s cold wallets.
It is also involved in a custody service for tokenized securities planned by financial giant HSBC.
connection: IBM announces cold storage technology for virtual currency, collaborates with Ripple affiliate Metaco and others
connection: HSBC Bank collaborates with Ripple affiliate Metaco to launch custody of tokenized RWA